WaterStone Bank applies to operate former Bank Mutual locations

Would add locations in Oak Creek, West Allis, Milwaukee

This former Bank Mutual branch on West Wisconsin Avenue is a high-profile parcel in the 27-branch portfolio.

Last updated on December 16th, 2019 at 12:01 pm

Wauwatosa-based WaterStone Bank SSB applied with the FDIC this week to operate bank branches in three former Bank Mutual locations.

WaterStone is seeking to open branches at 8780 S. Howell Ave. in Oak Creek, 10296 W. National Ave. in West Allis and 6801 W. Oklahoma Ave. in Milwaukee.

The applications are subject to the Community Reinvestment Act that requires banks to provide services to low-income neighborhoods. As such, they are currently in a public comment period, which ends Sept. 11.

“We are under contract to purchase three of them, however we are still only in the due diligence period,” said Doug Gordon, chief executive officer of WaterStone Bank. “We have not committed to buying them completely or closing (on the deal). We need regulatory approval. We are also looking at the facilities themselves.”

Real estate developers Randy Roth and Dennis Klein purchased 27 former Bank Mutual properties that were closed as a result of Green Bay-based Associated Banc-Corp’s acquisition of Brown Deer-based Bank Mutual Corp. in February.

Founders 3 Real Estate Services will serve as broker for Roth and Klein and take care of any sales and property management for the portfolio.

Roth was not available to comment on the WaterStone application.

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Molly Dill, former BizTimes Milwaukee managing editor.

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